March 2008 has been an extremely bleak month for mortgage lending with mortgage approvals declining considerably, according to the latest data from the British Bankers Association. The major mortgage lenders reported that March has been the lowest month for all forms of mortgage approvals since September 2000. House purchase approvals were the lowest since September …
Category Archives: Latest News
Bank of England Makes Radical Lending Move
The Bank of England today announced a radical new plan to help ease the credit crunch by loaning Banks £50 billion. It announced it would allow banks to trade mortgage-backed bonds, whose deal has become problematic, for specially-issued Treasury bills. This would result in the freeing up of banks’ balance sheets, making it possible for …
House Prices for First-Time Buyers in London Rise by 250%
New research has showed that house prices for first time London buyers have soared by over 250 per cent in the last ten years. Today the average cost of first time buyer properties is nearly £260,000. Home buyers getting on the property ladder paid an average of £159,494 for a property in 2007, a staggering …
CML Says Mortgage Lending Will Half in 2008
The Council of Mortgage Lenders (CML) reported that mortgage lending could fall by half this year unless the Bank of England releases more money to the mortgage lenders. Steven Crawshaw, the chairman of the CML, said the demand for property has decreased considerably nonetheless, “potential borrowing still significantly exceeds the industry’s collective capacity to supply …
HRMC Advises Investors to Seek Property Tax Help
HM Revenue & Customs (HMRC) investigators are now focusing on property investors. Several hundred property investors received letters from HMRC stating that apparently they have not included their rental income on their tax returns even though they own rental property. The HMRC offered property tax advice to the affected parties to rectify their affairs. HMRC’s …